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Monday, 21 January 13
PANAMAX DRY BULK CARRIERS AND AFRAMAX TANKERS PROVED TO BE THE "WEAPON OF CHOICE" FOR MOST SHIP OWNERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
 With ship financing getting ever so difficult to procure during the past year or so, ship owners had to get creative in order to persuade banks and other financing firms to invest in them and their good judgement when it comes to choosing the best available deal. As a result, 2012 bore witness to several prominent shipping entities teaming up with powerful players from the financial scene in order to back their purchasing efforts with the use of the more liquid US money markets. Intermodal's latest weekly report asked the question of "how could ship owners have generated sufficient interest towards such a highly cyclical and volatile industry during such times of uncertainty?"
According to Intermodal's Christos Mantzios, "one answer could possibly be the close to historical lows asset prices, thus reducing substantially the cost of acquiring such an asset and therefore making the entry into said market a more viable possibility from a medium-term investment perspective.
Although the market entry point for both the dry bulk and tanker assets is at relatively low levels, the “bottom of the barrel scrapping” charter rates experienced throughout 2012, as well as the poor market fundamentals for 2013 (daunting overcapacity), should have caused most of these major financial players to show a preference in the tanker market which showed more promise during 4Q2012. This revived strength in the tanker market (dirty during 3Q and clean during 4Q) was epitomised by the fresh wave of new ordering at S.Korean yards by major market players such as BP (Aframax , Suezmax), Sinokor (MR) and US-listed Scorpio Tankers (MR) towards the end of the year. But if the current state of the dry bulk market was so bad, why the increased interest in Panamax bulkers? In 2012 Panamax bulkers accounted for 26% of all dry bulk SnP deals, compared to only 19% in 2011. At the same time the majority of these involved older aged units (10-15year old) which seemed to also show the strongest drop in prices. This generated a strong appetite for Panamax tonnage, especially amongst Greek owners, pushing for en masse acquisitions of the numerous available Japanese candidates built in the 1996-2002 bracket" said Mantzios.
He added that "buyers have on their side the fact that asset prices for both Panamax bulkers and Aframax tankers are close to their historical lows. The value of a 5 year old Panamax bulker currently stands at approximately USD 17.5mill, a far cry from the USD 26-27mill required a year ago..... For a 10 year old vessel the figure is around USD 12-12.5mill and for a 15 year old its less than USD 10mill.. That is a substantial difference from Nov 2011 when the price for a 10 year old Panamax stood at USD 21mil. Of course, back in Nov 2011 such a vessel was seeing earnings in the region of USD 13,000-14,000/day compared with USD 8,000/day currently seen for 1 year TC. This may well be part of the explanation as to why prices have eroded over the past year, but it’s important to also note that the replacement cost (newbuilding price) for such a vessel back then was in the region of USD 29mill, while it now stands at around USD 25,5mill. Therefore it has started to make much more sense today to buy a 10 year old Panamax bulker then placing an new order compared to roughly a year ago where a 10 year old Panamax bulker was equal to 70% of the then price of a newbuilding (comparably this same percentage is now 46.6%)" he said.
Intermodal's analysis also indicated that "on the Aframax front the explanation could be slightly different due to the fact that a 10 year old vessel was worth USD 20,5mill and faring USD 14,000/day back in Nov 2011 and a replacement cost of USD 52,5mill, compared with a value of just under USD 17mill, TC of USD 14,000/day and newbuilding price of USD 48-49mill respectively in today's market. Thus the answer possibly lies in the supply/demand landscape which for Afras stands most favourably, with the orderbook representing 5% of the existing fleet which is by far the best ratio in not just all the tanker but also the bulker segments. But stronger buyers’ appetite might eventually be good news for owners/sellers of same tonnage, as it would help keep prices more buoyant and even allow them to strengthening again at some point" the report concluded.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Saturday, 12 January 13
SUB-BIT FOB INDONESIA COAL SWAPS: WEAK
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average Q1’ 2013 delivery has lost 0.32 percent WoW but CFR South China coal ship ...
Saturday, 12 January 13
HIGHER COAL PRICES: SEASONAL EFFECT
COALspot.com : Bahana Securities, one of the leading securities in Indonesia, said in its latest coal outlook that, on US and China&rsquo ...
Friday, 11 January 13
HBA HAS JUMPED BY US$ 5.80 PMT IN JANUARY 2013
COALspot.com - The Indonesian government has declared bench mark price for coal higher than December price. The monthly coal reference price f ...
Thursday, 10 January 13
PANAMAX : SOME GLIMMERS OF HOPE MID WEEK - FEARNLEYS
According to Fearnley’s weekly report, the Atlantic handy market is stable with rates around USD 11k for Cont-Feast and USD 17k bss USG/Feast. ...
Thursday, 10 January 13
DRY BULK PANAMAX MARKET HEAVILY OVERSUPPLIED, UNLIKELY TO FIND SUPPORT IN 2013 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Despite positive indication for a significant surge of dry bulk demand this year, the oversupply problems of the market, will continue to weigh heav ...
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- Ministry of Mines - Canada
- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
- Electricity Generating Authority of Thailand
- IHS Mccloskey Coal Group - USA
- Straits Asia Resources Limited - Singapore
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- Star Paper Mills Limited - India
- Intertek Mineral Services - Indonesia
- Sakthi Sugars Limited - India
- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
- Edison Trading Spa - Italy
- Africa Commodities Group - South Africa
- Jaiprakash Power Ventures ltd
- Independent Power Producers Association of India
- Pipit Mutiara Jaya. PT, Indonesia
- Timah Investasi Mineral - Indoneisa
- The Treasury - Australian Government
- Australian Commodity Traders Exchange
- Lanco Infratech Ltd - India
- Madhucon Powers Ltd - India
- Dalmia Cement Bharat India
- The State Trading Corporation of India Ltd
- Cigading International Bulk Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- PTC India Limited - India
- ICICI Bank Limited - India
- Interocean Group of Companies - India
- International Coal Ventures Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Gujarat Sidhee Cement - India
- PetroVietnam Power Coal Import and Supply Company
- Maheswari Brothers Coal Limited - India
- Globalindo Alam Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Mercator Lines Limited - India
- Global Business Power Corporation, Philippines
- Coal and Oil Company - UAE
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- Jorong Barutama Greston.PT - Indonesia
- Heidelberg Cement - Germany
- Krishnapatnam Port Company Ltd. - India
- Binh Thuan Hamico - Vietnam
- Deloitte Consulting - India
- Mintek Dendrill Indonesia
- Riau Bara Harum - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Indo Tambangraya Megah - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Chettinad Cement Corporation Ltd - India
- Banpu Public Company Limited - Thailand
- Billiton Holdings Pty Ltd - Australia
- Australian Coal Association
- Bahari Cakrawala Sebuku - Indonesia
- Carbofer General Trading SA - India
- Bukit Makmur.PT - Indonesia
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Energy - Thailand
- OPG Power Generation Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Standard Chartered Bank - UAE
- PowerSource Philippines DevCo
- Xindia Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
- Formosa Plastics Group - Taiwan
- Larsen & Toubro Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wood Mackenzie - Singapore
- White Energy Company Limited
- Georgia Ports Authority, United States
- VISA Power Limited - India
- Samtan Co., Ltd - South Korea
- Minerals Council of Australia
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- Indika Energy - Indonesia
- Baramulti Group, Indonesia
- The University of Queensland
- Posco Energy - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ambuja Cements Ltd - India
- Vizag Seaport Private Limited - India
- Singapore Mercantile Exchange
- Simpson Spence & Young - Indonesia
- SMG Consultants - Indonesia
- Kepco SPC Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Meenaskhi Energy Private Limited - India
- Kobexindo Tractors - Indoneisa
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- ASAPP Information Group - India
- Savvy Resources Ltd - HongKong
- Tamil Nadu electricity Board
- Bangladesh Power Developement Board
- Grasim Industreis Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Indian Energy Exchange, India
- Tata Chemicals Ltd - India
- Petron Corporation, Philippines
- Latin American Coal - Colombia
- Planning Commission, India
- Borneo Indobara - Indonesia
- Semirara Mining Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Bhoruka Overseas - Indonesia
- Salva Resources Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Altura Mining Limited, Indonesia
- Central Java Power - Indonesia
- Kumho Petrochemical, South Korea
- Indian Oil Corporation Limited
- Coastal Gujarat Power Limited - India
- Barasentosa Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Chamber of Mines of South Africa
- Parliament of New Zealand
- Kartika Selabumi Mining - Indonesia
- GMR Energy Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Indogreen Group - Indonesia
- GVK Power & Infra Limited - India
- Sical Logistics Limited - India
- Thai Mozambique Logistica
- Mercuria Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Orica Mining Services - Indonesia
- Rio Tinto Coal - Australia
- Merrill Lynch Commodities Europe
- Electricity Authority, New Zealand
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- Bhushan Steel Limited - India
- GAC Shipping (India) Pvt Ltd
- Makarim & Taira - Indonesia
- Anglo American - United Kingdom
- LBH Netherlands Bv - Netherlands
- India Bulls Power Limited - India
- Bhatia International Limited - India
- Sree Jayajothi Cements Limited - India
- Kapuas Tunggal Persada - Indonesia
- Sarangani Energy Corporation, Philippines
- Wilmar Investment Holdings
- Attock Cement Pakistan Limited
- Ind-Barath Power Infra Limited - India
- MS Steel International - UAE
- CIMB Investment Bank - Malaysia
- Essar Steel Hazira Ltd - India
- Power Finance Corporation Ltd., India
- Kaltim Prima Coal - Indonesia
- Medco Energi Mining Internasional
- Economic Council, Georgia
- Parry Sugars Refinery, India
- Global Coal Blending Company Limited - Australia
- Mjunction Services Limited - India
- Indonesian Coal Mining Association
- Aditya Birla Group - India
- Jindal Steel & Power Ltd - India
- Ministry of Transport, Egypt
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Alfred C Toepfer International GmbH - Germany
- Global Green Power PLC Corporation, Philippines
- Uttam Galva Steels Limited - India
- IEA Clean Coal Centre - UK
- Goldman Sachs - Singapore
- Siam City Cement PLC, Thailand
- SMC Global Power, Philippines
- Ceylon Electricity Board - Sri Lanka
- Maharashtra Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Therma Luzon, Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Romanian Commodities Exchange
- AsiaOL BioFuels Corp., Philippines
- Videocon Industries ltd - India
- Renaissance Capital - South Africa
- Siam City Cement - Thailand
- Sindya Power Generating Company Private Ltd
- Eastern Coal Council - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Agrawal Coal Company - India
- Sinarmas Energy and Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Malabar Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Sojitz Corporation - Japan
- Rashtriya Ispat Nigam Limited - India
- Coalindo Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- McConnell Dowell - Australia
- Bharathi Cement Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Finance - Indonesia
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